Cathay Innovation, the international venture capital firm, has announced a new €1bn (£847m) fund to invest in sustainable start-ups in software, artificial intelligence, fintech, digital health and consumer technology.
Cathay Innovation Fund III is the firm’s third venture capital fund and is backed by institutional investors and multinational corporations, including Sanofi, Total Energies, Valeo, BNP Paribas Cardif, Groupe SEB, Groupe ADP and others.
California-based Cathay has investments around the world. However, the company has confirmed that its Fund III will include UK startups.
“We are committed to helping create tomorrow’s economy by making a positive impact on society,” said Minpo Tsai, founder and chairman of Cathay Capital and Cathay Innovation.
“Fund III marks an important milestone in our journey, creating a multi-industry platform that connects large corporations and startups to collaborate, share knowledge and support sustainable transformation of all stakeholders.
Cathay Innovation has completed more than 120 investments worldwide with a portfolio that has raised more than $16bn (£13.4bn). The firm’s investments include 19 unicorns, including $25 billion fintech company Chime, $2.5 billion delivery startup Glovo and $2.5 billion self-driving car company Momenta.ai.
“With Fund III, we now have dedicated investment theses for healthcare, finance, consumer, energy, mobility and logistics – investing in next-generation technologies that will be widespread across global industries to deliver better, more efficient products and solutions that meet the needs of end customers,” added Denis Barrier, co-founder of Cathay Innovation.
Cathay Innovation launches €1bn fund dedicated to sustainable industry